Bidding is a process in which you quote money in exchange of goods or services through an auction. They are two types of auctions: open auction and silent auction. In an open auction, interested parties compete for acquisitions by offering a higher bid than the offer that is currently on the table and higher than the competitive bidders. In silent auction, there is no quote on table; the quoted bid is the maximum price that the bidder is willing to pay for the goods or services.
The most widely used methods of bidding are as follows: